Federation of Indian Chambers wants Government to make sports betting Legal

18 June 2013

                                 Bookies arrested in DCP West zone                                                                               

 

The Federation of Indian chambers of Commerce and Industry (FICCI) has suggested that sports betting be legalised and regulated, and has presented the Indian Ministry of Sports detailed reports and knowledge papers urging the government to push for the legalization of sports betting in India.

The report prepared by Carl Rohsler, partner of the British law firm Squire Sanders and Vidushpat Singhania, senior associate of the Indian law firm Lakshmi Kumaran & Sridharan details the benefits and governance of legalizing sports betting in India. Furthermore the report outlines potential earnings for the Indian government from tax revenues.

Last Friday, the Federation of Indian Chambers of Commerce and Industry said the country was losing as much as Rs 12,000-20,000 crore in taxable revenues every year because of illegal sports betting.

“The greatest advantage of regulating sports betting is going to be the accountability for the large amounts of money transferred through illegal channels and reduction in cases of match-fixing, money laundering and crimes,” a FICCI statement said.

It said that despite pumping in significant resources into banning sports betting, it has not been rooted out and instead the role of underworld operatives in the illegal betting market has come to light.

“If gaming and betting is regulated in India, it will benefit the exchequer and could potentially fund sports development, social protection or welfare schemes and infrastructure development plans,” FICCI said.

In a statement submitted to the Government, FICCI has highlighted how the blanket ban on sports betting has been impossible to sustain without a proper regulation.

It also cited examples of different countries, which have benefited from regulating betting.

It seems reasonable to think that the regulation of sportsbetting innevitably would aslo involve the regulation of India poker and other online skill games, so these are good news for the beleivers of regulation and transparency in gaming and wagering. Let´s hope that central government takes this voices seriously. It looks so clear that it is the best way forward that is surprising to see administration not taking the initiative with determination... a win-win situation for all parties involved exept the underworld .... so why not regulating it for once and all?. It is the best way to protect the punter, the sport, the fan, the community, and also the best way for the administration to combat crime and collect crores of taxable revenue.

To view the full report click HERE.
 

Sources: http://www.sportsbettingcommunity.com, http://www.ficci.com  

 



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